An NUJ press release says that its representatives "spent hours" in meetings with FT management at ACAS yesterday, without reaching a resolution to the pay dispute.

It states: "The NUJ is bitterly disappointed that despite numerous suggestions from the union on how to distribute the budgeted money more fairly, FT management have rejected the union's proposals and have failed to come up with a single suggestion of their own."

Industrial action is due to start at 3pm today with a two-hour mandatory meeting and is likely to involve 250 NUJ members.

Barry Fitzpatrick, the NUJ's deputy general secretary, said: "FT management have failed to engage in meaningful talks or accept the union's constructive suggestions to resolve the dispute.

"The union is fully behind our members at the FT taking action on pay and management should seriously consider our alternative proposals that would go some way to address the current unfair offer."

And Steve Bird, father of the FT group's chapel, said: "The cost of settling this dispute is well within the FT's reach.

"It is extraordinary that management is prepared to bully the majority of its staff into accepting a deal they have rejected over and over as divisive and derisory. This refusal to negotiate is pushing journalists towards a strike."

Update 1pm: An FT spokesperson issued a statement that said it viewed the mandatory industrial action as "unwarranted and unreasonable, placing an unnecessary burden on colleagues committed to publishing the newspaper and the website."

It continued: "The proposed salary increase of 3.5% - with 2-2.5% for all editorial staff and 1% for merit, plus a bonus, is a good offer that compares favourably with the rest of the industry.

"The Financial Times has continued to invest in its editorial operations and has avoided any compulsory redundancies at a time when news organisations around the world are facing exceptional challenges.

"We have strong contingency plans in place to ensure business as usual at the FT."